4 Ways to Navigate your Loved One’s Estate After Death
4 WAYS TO NAVIGATE YOUR LOVED ONE’S ESTATE AFTER DEATH
As the executor or administrator overseeing a deceased person's estate, the distribution of their home or property is a crucial aspect of the Probate process. This guide demystifies what happens to a deceased person's home during the estate administration.
As the executor or administrator overseeing a deceased person's estate, the distribution of their home or property is a crucial aspect of the Probate process. This guide demystifies what happens to a deceased person's home during the estate administration.
Step 1: Determine Ownership
For a rental property, if the deceased person was a sole tenant, it is returned to the real estate agent after removing belongings. If the home is jointly held with a surviving spouse, it typically transfers without court involvement. However, if owned as 'tenants in common,' the share becomes an estate asset for distribution according to the Will or state laws.
For a rental property, if the deceased person was a sole tenant, it is returned to the real estate agent after removing belongings. If the home is jointly held with a surviving spouse, it typically transfers without court involvement. However, if owned as 'tenants in common,' the share becomes an estate asset for distribution according to the Will or state laws.
Step 2: Clear the Home and Take Inventory
If no partner or dependant resides in the deceased person's home, it may be cleared. Before removal, an inventory is taken to assess the estate's value. Consideration should be given to the family's emotional connection to the home, and home and contents insurance may be beneficial.
If no partner or dependant resides in the deceased person's home, it may be cleared. Before removal, an inventory is taken to assess the estate's value. Consideration should be given to the family's emotional connection to the home, and home and contents insurance may be beneficial.
Step 3: Value or Sell the Real Estate
Valuation is essential for tax purposes, Grant of Probate, and fair asset distribution. Mortgage details are crucial, and if the property is mortgaged, it's usually sold to cover the outstanding balance. The process involves determining the property's value, obtaining professional appraisals, and accounting for mortgage protection insurance, if applicable.
Valuation is essential for tax purposes, Grant of Probate, and fair asset distribution. Mortgage details are crucial, and if the property is mortgaged, it's usually sold to cover the outstanding balance. The process involves determining the property's value, obtaining professional appraisals, and accounting for mortgage protection insurance, if applicable.
Step 4: Transfer Property Ownership
Jointly owned property transfers directly to the surviving owner. For sole ownership or 'tenants in common,' the property is first transferred to the executor or administrator. If selling is necessary, it is crucial to act in the estate's best interest, providing evidence of valuations and sales contracts.
Jointly owned property transfers directly to the surviving owner. For sole ownership or 'tenants in common,' the property is first transferred to the executor or administrator. If selling is necessary, it is crucial to act in the estate's best interest, providing evidence of valuations and sales contracts.
Before distribution, publish a notice of intent to distribute, allowing potential claimants to come forward. Once all requirements are met, including notice periods, the estate can be distributed to beneficiaries.
Ensure the property title reflects the executor or administrator's name before initiating transfers to beneficiaries. Determine stamp duty obligations before submitting documents to the Land Registry Services.